LSI Surges 9% On Q2 Beat, Q3 View

By Tiernan Ray

Shares of chip maker LSI (LSI) are up 57 cents, or 9%, at $7.01 in late trading after the company this afternoon reported Q2 revenue slightly ahead of estimates, and a profit per share that was in line with expectations, and forecast the current quarter’s results ahead of estimates.

Revenue in the three months ended in June rose 6% to $500.6 million, yielding EPS of 10 cents.

Analysts on average had been expecting $483 million and 10 cents per share.

For the current quarter, the company sees revenue of $535 million to $565 million, and EPS in a range of 11 cents to 17 cents. That is ahead of the average estimate for $511 million in revenue and 12 cents per share.

About Tech Trader Daily

Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.